Amar Chand Gupta Insolvency Terminated Over Rs 791 Cr Debt

NCLT orders termination of Amar Chand Gupta's personal insolvency resolution process due to his failure to submit a repayment plan.
Creditors, led by State Bank of India with a Rs 1,177 Cr admitted claim, voted 61.69% to terminate the process.
The order grants creditors liberty to file a bankruptcy application against the personal guarantor under Chapter IV of the IBC.
The moratorium under Section 101 ceases, and the Resolution Professional is discharged with entitlement to costs.